Sageworks Blog

May20

Leverage what you learned during busy season. It’s not too late! Jessica Ballard [email] Director of Marketing

May 20, 2013 14:28

Busy season is the perfect time to learn more about your clients and their businesses. Think back to the conversations you had and what they shared with you. Did they mention any changes or concerns with their life or business?  Even if you weren’t able to spend a lot of time with them during tax season, that doesn’t mean you haven’t learned new things about their business. You just finished up completing their tax returns, which hold a great deal of information about a business and its health. Now is the perfect time to leverage that information and offer ways to help.  AICPA President, James C. Metzler, CPA.CITP, CGMA, recently offered a few ideas to help you reflect on and leverage information gained in recent work for and meetings with clients. If you’re ready to begin your opportunity season, follow these three steps Metzler suggested in a post on AICPA.org and become the trusted advisor your client not only wants, but needs.  1) Ask yourself questions about your client’s situation.  • How has their situation changed from last year?  • What financial trends have you noticed over the last few years?  • Did you see any changes in their overall financial health? • Is there anything they should be concerned about?  • What suggestions do you have to help their business grow? 2) Take notes on your observations and schedule a meeting. Now that you’ve looked further into their business and identified ways that your firm can help, it’s time to communicate your knowledge to them. It’s best to schedule the meeting while you still have their financial situation fresh on your mind.  3) Have others help. Meet with your team regularly to talk about the services you offer and what the firm’s focus is. Provide them with buzz words that can help identify additional opportunities while working with clients. It’s also important for you and your staff to discuss new ways to “wow” your clients by providing them with top notch service – but don’t forget the basics! When you know your client is happy, it’ll be easier to discuss other ways you can help them. Remember to have fun during your engagements and enjoy getting to know your clients better. Be prepared and make it comfortable for them to open up about their business concerns and ideas. Once you have the information you need, you can come up with action plans together and communicate regularly to ensure they are being met with new ones taking their place. Opportunity season is all about helping your clients make better financial decisions and increasing your bottom line!

Mar 12, 2013 08:18

Several big businesses have reached out to smaller businesses in the past and that trend had begun to decline during the recession period. There are several ways big businesses can help with, read the article to learn how. [More]

Nov29

Smaller retailers could use a holiday boost Mary Ellen Biery [email] Research Specialist

Nov 29, 2012 11:34

Holiday shopping is off to a solid start -- good news for small retail companies, which have experienced weaker sales so far this year, according to preliminary data from Sageworks. [More]

Nov 27, 2012 13:31

Many small businesses have trouble attaining lines of credit or loans because they don’t have established credit scores. The Catch-22 is that you need successful transactional histories to increase credit scores, but most suppliers and vendors are hesitant to conduct business on credit if your credit scores are too low or nonexistent. That said, there are a few things small businesses can do to get over these initial hurdles. [More]

Nov 20, 2012 11:01

When a company is evaluating its own financial health to plan for growth or for a downturn, an assessment of the company’s current situation and the probability of default helps create a more complete picture. [More]

Nov 06, 2012 10:34

Uncertainty remains the mood of the day, with surveys showing that a sizable portion of private companies are worried that a potential lack of demand is the top barrier to growth. Business owners must protect themselves against financial and operational risks, even as they balance the need to service customers and plan for growth. Obtaining a business credit report can address this challenge. [More]

Oct 30, 2012 09:57

Many small private businesses are finding it challenging to access financial resources for growth at a time when lenders are still cautious and facing pressure to avoid risky loans. Many businesses already know this, because they have seen their borrowing requests rejected by a lender. Others may be considering starting a loan application and want to ensure the business is best prepared to receive an approval. [More]

Oct25

Definitive guide to understanding global cash flow analysis Libby Bierman [email] Analyst

Oct 25, 2012 14:05

In today’s financial services industry, there is little room for poorly informed loan decisions. Especially given the recent change in BASEL requirements, a true understanding of risk is essential if your financial institution is to comply with regulatory guidelines. Sageworks releases a new whitepaper. [More]

Oct 17, 2012 10:59

Recent challenges in the U.S. have bolstered the need for examining credit risk. The financial and operational risks to business owners are evident in several statistics. The 44,435 business bankruptcies that have been filed in the 12 months ended June 30 remain more than 28 percent higher than the annual average between 2000 and 2006. What can companies do to minimize credit risk with partner businesses? [More]

Oct 02, 2012 11:13

A Sageworks roundup of recent banking industry news you might have missed: Nevada court hears case on caps for deficiency judgments; Wells Fargo wins SBA servicing agent gig; CFPB role so far catches industry off guard. [More]